T Note

FEATURED ARTICLES ABOUT T NOTE - PAGE 4

Yields on 10-year Treasury notes fell in Wednesday's auction to the lowest level in a year as the government completed the second of three major debt auctions this week. The average yield was 8.21 percent, down from 8.88 percent at the last quarterly auction, on Nov. 4. It was the lowest rate since 10-year notes averaged 7.25 percent on Feb. 4, 1987.

The Treasury Department postponed Wednesday's planned auction of $9.75 billion of two-year notes. The Treasury said the delay was necessary because Congress has not completed action on legislation to increase the debt limit to allow the notes to be issued on July 31. The Treasury was forced to postpone its auction of $13.2 billion in short-term bills earlier this week.